I've mentioned it here, at EZ Board, at a.t.-g.s. and I think even during drunken brawls at wedding receptions, but one more time...
My main problem with the P+/SP puzzle format is that someone thinking about the puzzle gets too big a break with the words. Example, if the three words in the puzzle are SCARECROW, WITCH and LION, and the clue you get for the next word is MAGICIAN, you're probably going to lean toward guessing WIZARD.
In addition, the puzzle limits the words you can use; look at a 60's Password and you'll see some words that are really, REALLY difficult to sum up in one-word or even two-word clues. It was more of a challenge, and that's why I liked it more.
My ideal password would be old-school Password (played starting at 6 points for the first guess, pass or play option and no opposites) played to 15 points for the win, followed by a five-word Lightning Round (30 seconds, not 60). At show's end, top winner gets to try for the big bucks on Super Passwords or Alphabetics or Betty White's Revenge or whatever you want to call it.
And don't include the Ca$hword; if it makes Betty White want to throw things, it probably isn't worth including in the show.